Phase I Programme of Geochemical Sampling, Mapping and Prospecting Complete; Results Pending
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces that it has successfully completed the Phase I work programme on its two gold-nickel licences in the Tati Greenstone Belt (the “Tati Project” or the “Project”) located near Francistown, Botswana.
Power Metal exercised an option to acquire a 100% interest in the Project on 28 July 2021, through its local wholly owned operating subsidiary Power Metal Resources Botswana (Pty). Details of the option exercise can be found in the link below.
Tati Project Botswana – Option Exercised – 07:00:05 28 Jul 2021 – POW News article | London Stock Exchange
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The completion of this Phase I programme so quickly after option exercise is a key step for Power Metal and we look forward to receipt of test results from the 1,156 soil and rock samples collected.
The due diligence work completed earlier this year by our exploration teams demonstrated multiple multi-kilometre arsenic, gold, and nickel anomalies, and we believe the results from our Phase I ground exploration programme will continue to demonstrate the size, scale and magnitude of the targets that exist within the licences.
We expect the results generated will allow us to plan for our Phase II Programme which will include geophysics, as well as Rotary Airblast (“RAB”) drilling, which is planned for late summer 2021.
I want to extend a special thanks to our ground team, whom worked diligently and efficiently over the last two weeks in order to ensure that the programme was completed on schedule and on budget.”
· A total of 1,107 soil samples and 49 rock samples were collected across the five grid areas. This exceeds the 1,000 soil samples that was originally planned for the Phase I programme.
· Mapping completed throughout the programme identified several old workings, including historical trenches, mine shafts and adits across both prospecting licences. Samples were taken from these features when possible.
· Several areas were designated for immediate follow up based on mapped structural and geological observations, a Phase II programme including ground-based geophysics is being considered in advance of a Rotary Air Blast drilling programme planned for late summer 2021.
· Soil samples from grids 2-5 (727 samples) will be analysed by portable x-ray fluoresence spectrometer (“pXRF”). Sampes from grid 1 (380 samples), as well as all rock samples have been submitted for labaratory assay by Intertek Group in Perth, Australia.
Labaratory assay and pXRF results from this programme will be released to the market following receipt, compilation and interpretation by Power Metal.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principle focus on opportunities offering district scale potential across a global portfolio including precious and base metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
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